Nigel Farage and NatWest are understood to have reached a settlement over the debanking scandal with the banking group thought to have paid an unspecified sum in damages.
The Reform UK leader and Coutts Bank owner have agreed to resolve their dispute two years after the closure of one of Farage's accounts at the financial institution.
As part of the deal, Farage is understood to have withdrawn the threat of potential civil and criminal proceedings against NatWest, Sky News reports.
Reform UK treasurer Nick Candy is believed to have been responsible for facilitating a resolution between the two parties.
Nigel Farage and NatWest have reportedly reached a settlement over the debanking scandal
PA/ GB NewsIt should be noted that exact details on the nature of the settlement have yet to be fully confirmed.
In a joint statement, Farage and NatWest said: "NatWest Group and Nigel Farage MP are pleased to confirm that they have resolved and settled their dispute, and the bank has apologised to Mr Farage. The terms of settlement are confidential."
Farage was originally planning to seek millions of pounds from the company, alleging that the debanking scandal had hurt his public reputation.
The dispute saw the resignation of Dame Alison Rose, the ex-chief executive of NatWest, in summer 2023.
NatWest originally said there's no evidence of discrimination in Coutts bank account closures
GETTYThe scandal came about when NatWest's Coutts subsidiary made the decision to shut down the politician's accounts for commercial or political reasons.
Originally, NatWest stated the motivation was commercial, however this was called into question after Farage obtained internal evidence suggesting it was due to his political leanings.
Following this, an inaccurate report on the story from the BBC caused further controversy after it was revealed the journalist who wrote the article sat next to Dame Alison Rose at a dinner.
Then-Conservative Prime Minister Rishi Sunak took NatWest Group to task over the handling of Farage's accounts, resulting in Rose leaving her role.
In the wake of the scandal, NatWest's then-chairman Sir Howard Davies has been replaced by former Mastercard chairman Rick Haytornwaite with Paul Thwaite taking on Dame Alison Rose's position.
Since this change, NatWest Group has reported a hike in profitability and is close to returning to full private sector ownership.
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The details of the settlement are confidential
Nigel FarageOnce markets opening this morning, shares in NatWest Group closed at 463.9p, giving the bank a market capitalisation of more £37billion.
Furthermore, stock in the banking group has increased by more than 75 per cent over the past 12 months.
Following last year's General Election, Reform UK has secured four seats in Parliament under Farage's leadership.
Currently, the party is sitting at around 23 per cent to 27 per cent in the polls against Labour, the Conservatives and Liberal Democrats.
